Rheinmetall’s €60.5 Million Truck Deal Offers Relief, but the Real Test Lies in Berlin
Published on 07/29/2026 at 06:30 | Redaktion boerse-global.de
The Bundeswehr has placed another order with Rheinmetall, this time for 56 additional Elefant 2 heavy-duty transporters worth €60.5 million. The vehicles, supplied by Rheinmetall MAN Military Vehicles, will be delivered across 2026 and 2027. The deal extends an existing framework contract that originally covered up to 137 trucks, with an initial order of 32 vehicles valued at €122 million gross and fully delivered by early 2025.
The Elefant 2 complements the Mammut protected heavy transporter, also built by RMMV. Rheinmetall frames the order as strategically vital: Germany serves as NATO’s logistics hub, and moving heavy combat vehicles is a core capability. The contract is the latest in a string of Bundeswehr deals. In May, the group secured a billion-euro order for more than 2,000 unprotected transport vehicles — the fourth tranche of a framework covering up to 6,500 trucks. It also won a €1.04 billion contract for IdZ-ES soldier systems, covering the modernisation and delivery of complete platoon kits.
The market has taken note. Rheinmetall’s shares closed at €1,090.00, up 2.95% on the day, and have gained 7.64% over the past seven days. The stock has climbed 20.78% from its year low of €902.50, hit in late June. On a monthly basis, the gain stands at 12.08%.
Should investors sell immediately? Or is it worth buying Rheinmetall?
Yet the truck order and the broader Bundeswehr relationship mask a deeper anxiety. The real uncertainty for Rheinmetall is not in Beijing — where China imposed export controls on the group and 13 other European defence firms on 28 and 29 July in retaliation for EU dual-use goods restrictions — but in Berlin. The German government is debating a reorientation of the defence budget for 2027, with a potential shift toward drone systems at the expense of conventional artillery ammunition, a core Rheinmetall business.
That budget uncertainty explains much of the stock’s weakness this year. Despite a first-quarter order backlog of roughly €73 billion, the shares have lost 29.79% since the start of 2025 and 37.21% over twelve months. The contradiction between a bulging order book and a falling share price drove the stock to its June low. The recent rebound has narrowed that gap, but the stock remains 2.02% below its 50-day moving average of €1,112.49. A sustained break above that level would open the path to closing a gap at €1,155.00, created in June.
Analysts see upside. Bank of America has reiterated its buy rating but cut its price target from €1,770.00 to €1,300.00. Other houses have targets as high as €1,698.00 for the current year. The relative strength index at 56.4 leaves room for further gains, provided the broader market cooperates.
The next major catalyst comes on 6 August, when Rheinmetall reports second-quarter results. Investors will be looking for concrete updates on capacity expansion, including the new powder plant in Aschau, and on how the group plans to secure supply chains after China’s export controls. Whether the steady drumbeat of Bundeswehr orders can rebuild confidence after the post-2025 correction will hinge on those numbers.
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Rheinmetall Stock: New Analysis - 29 July
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